RTTNews - The Indonesian stock market on Monday saw an end to the three-day winning streak in which it had collected nearly 50 points or 2.5 percent in the process. The Jakarta Composite Index fell through the 2,040-point plateau, and now analysts say the market could extend those losses by the opening of trade on Tuesday.

The global forecast for the Asian markets is effectively flat with a touch of downside, ahead of the start of earnings season later this week. Technology shares and commodities are expected to see selling pressure, offsetting projected strength among the properties and chemical stocks. The European markets ended sharply lower, while the U.S. bourses finished in mixed fashion but near the unchanged line - and the Asian markets are predicted to follow the latter lead.

The JCI finished sharply lower on Monday, as the energy stocks, telecoms and plantations all finished under heavy selling pressure. For the day, the index dropped 40.29 points or 1.94 percent to close at 2,035.01 after trading between 2,023.97 and 2,074.88.

Among the decliners, Bumi Resources slid 5 percent, while Bukit Asam fell 4.4 percent, Telkom lost 1.7 percent, Indosat shed 4.6 percent, Adaro Energy fell 3.42 percent and Astra Agro Lestari was 2.01 percent lower.

Wall Street offers a mixed lead as stocks were able to shed most of their losses in late trading on Monday after a sharp move to the downside in early going. While the Dow and S&P 500 finished modestly higher, the tech-heavy NASDAQ closed on the downside.

On the economic front, traders largely shrugged off a report from the Institute for Supply Management showing that activity in the service sector contracted for the ninth consecutive month in June, although at a slower pace than economists had been expecting. The ISM said its index of activity in the service sector rose to 47.0 in June from 44.0 in May, but a reading below 50 indicates a contraction. Economists had been expecting the index to come in at 46.0.

On the corporate front, food and beverage giant PepsiCo Inc. (PEP), together with its bottling partner Pepsi Bottling Group Inc. (PBG), announced plans to invest $1 billion in Russia over three years. Meanwhile, EMC (EMC) raised its all-cash offer to acquire Data Domain (DDUP) to $33.50 per share for a total enterprise value of about $2.1 billion. EMC is competing with NetApp (NTAP) to acquire Data Domain.

Despite the major indices all moving higher going into the close, the NASDAQ was unable to break into positive territory. Subsequently, the NASDAQ finished down by 9.12 points or 0.5 percent at 1,787.40, while the Dow closed up by 44.13 points or 0.5 percent at 8,324.87 and the S&P 500 rose by 2.30 or 0.3 percent to 898.72.

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